Your high-value client questions your pricing transparency. How do you regain their trust?

Transparency is key. Schedule a meeting to walk them through the pricing structure in detail, ensuring they understand the value behind each cost. It’s about listening to their concerns and providing clear, straightforward explanations to rebuild trust.

Understanding what broke the trust is paramount in determining how to move forward. Trust in general is earned so finding one way to build trust is the building block to begin the healing process. Unless you know the specific reason from the customer why the trust was compromised, you will never get past the initial concern. If it’s your fault, own it and move to repair the damage. If it’s a company issue, take the time to address the situation with management, then work to repair the issue with the customer offering specific solutions to the issue.

The classic pricing transparency conundrum! It’s always interesting when a top client starts playing detective, isn't it? But seriously, it’s all about understanding their concerns. By listening, empathizing, and showing them that their business truly matters, we can rebuild that trust. After all, trust is the foundation of everything we do. Let's get back to business and keep things running smoothly!

Of course understanding clients concerns is the first step and in the process also gauge the intent. If the concern is generating from budget constraints, then offering them customized solutions which meets thier critical requirements to start with at the same time covers your cost and margins. The good to have things can be delivered in phased manner depending on the situation. If the intent is to get a discount at any cost, giving a competitive pricing, showing breakup transparently and giving them time to explore the market could be of help. Even if you don't get that order, there is something for you to learn.

Thank them for their transparency and for voicing their concerns. Continue to build the rapport and ask what ambiguity exists in the pricing commercials discussed. Address those head-on with the appropriate facts and clarity needed. Ask if that makes sense and if any issues were not addressed. Agree to assist further if necessary with an ROI analysis or helping with the value prop especially if this is a bottoms up initiative and they need justification or documentation that provides the rationale for your pricing). Continue further and go through any differentiators differentiators that justify pricing, as there's always the risk that they are not comparing Apples to Apples.

Pricing conversations are never easy be it any kind of customer and it becomes even more crucial when dealing with high value customers. My go-to strategy is to look for indices which are available in public domain which can indicate possible cost increase and can be directly correlated. E.g forex or inflation. Apart from these, there are indices applicable specifically for your industry. Find those out, try to get information on those from a validated source which can become your future reference as well. Like for the industry I operate in, any fluctuation in crude prices directly impacts my bottom line or Base oil prices so as an organisation we make sure we have ICIS or IHS subscriptions to track these.

Trust in account management is based on transparency, particularly regarding price. Upon comprehending your client's problems, the subsequent course of action involves providing a comprehensive and lucid pricing breakdown. It's important to let your client know about the purpose of their investment and the value they are getting in return, rather than simply defending the numbers. A long-lasting partnership needs to maintain transparency and build trust, which may be achieved by demystifying the price structure and staying away from jargon.

A hallmark of my approach with clients is simple, honest transparency. In software, there is a LOT that goes into each solution, and the price must cover all those costs: UX/UI design, engineering, client care, marketing, etc. What’s more, the company’s operational costs must also go into the price: accounting, administration, HR. (In this respect, it’s the same as the price of a drink at a bar: that little drink is paying for everything to keep that establishment going.) Clients are generally reasonable and talking through this with them often helps shed light on pricing. Furthermore, I have never hesitated to provide copies of redacted invoices or quotes to demonstrate fair and equitable rates.

Even as a young adult, I have began to realize the importance of the pitch. Involved in Greek fraternity life, dues (costs associated with membership) sometimes hinder potential new members from joining. Life isn't getting cheaper, so it is important to sell the benefits. In my case, our benefits have a lot to do with events, access to scholarships, leadership opportunities, and a large network. Acknowledging the benefit and providing real life "case studies" draws people in, while clarity and honest helps them feel confident committing. Honesty is always the best policy.

I would share as much detail as I can regarding the costs. I would also explain the estimation process we follow and seek client feedback on the same. If there are any special tasks that need high cost resources, I would bring that to the client's attention. In addition, the Quality assurance and process costs would also need to be shared with the client. We would make it clear to the client, that we are cost optimized, but not "cheap," and produce and sell only good quality products/service.

Showing and explaining value is a central element in marketing and sales strategies, helping to attract and retain customers by addressing THEIR needs and highlighting the benefits THEY can expect. A strong value proposition can differentiate your business in a crowded market, drive customer engagement, and ultimately lead to higher conversion rates and brand loyalty. Without a clear value add, you may struggle to communicate your products’ advantages, resulting in lost opportunities and a weaker market position.

It’s important to tie the value proposition to the business case- what problems you are solving, or functionality are you adding? Price is always relative to value

Entendo que antes de chegarmos a esse ponto, precisamos ter a ciência que a proposta de valor sempre esteve explícita e validada no desenho do escopo. Em vendas mais complexas temos ciclos maiores e dependendo da fase outros personagens podem surgir precisando revalidar alguns pontos. Para isso é fundamental que tenhamos um aliado dentro do Cliente (nosso ponto focal, nosso facilitador) nós precisamos juntos transpor eventuais barreiras, pois ele assim como nós sabe qual a melhor solu??o e as vezes o Dep. Compras, algum membro do board n?o enxerga esse valor primariamente.

It's crucial to explain how the pricing reflects the quality, support, and outcomes your client will receive. Show your client that the pricing is a reflection of the benefits and results they can expect. Your client should feel they're making a worthwhile investment rather than just thinking of it as an expense. After explaining how the pricing reflects the quality, support, and outcomes are a worthwhile investment rather than just an expense.

Emphasize the value your services bring, highlighting how your pricing reflects the quality, innovation, and dedication involved.

The clients need to see the difference in SERVICE. In addition to the items mentioned in the scope of experience, the cost also goes in the quality of experience that the client gets. There is no better way to communicate this to the client than SHOW them through your consultative style and expertise in client service that the clients are getting much higher value for their dollars. I would not compare with the competition, as we commit to provide the best service.

Conduct a competitive analysis to demonstrate that your pricing is not only fair but also offers superior value compared to others in the market.

Social media provides tools to filter and find individuals who align with your business goals. Use LinkedIn’s search functionality to identify and connect with potential clients, influencers within your industry, and peers from related fields. Personalized connection requests can increase your success rate.

Our competitive pricing strategy is thoughtfully designed to reflect the exceptional value we provide to our customers. By carefully analyzing the market landscape and understanding our unique selling points, we can confidently assert that our pricing is not only fair but also justified by the superior quality, innovative features, and outstanding customer service we offer. We believe that investing in our products or services means investing in a solution that delivers long-term benefits, ensuring that our clients receive the best possible return on their investment. With us, customers are not just purchasing a product; they are gaining a partner committed to their success and satisfaction.

Mostre ao seu cliente que o seu pre?o está dentro do mercado e que ele está tendo o melhor custo benefício em rela??o a todos que trabalham com o mesmo produto no mercado .

At the start of the project, we inform that client regarding the scope of work (in writing) and also make them familiar with the change request process. Any risk of cost increase is discussed in the weekly project calls. Client communication takes care of any questions related to pricing. In fact, we inform the clients much ahead in the game that there is an anticipated risk of pricing increase due to any scope change that is on the horizon.

Consistency is key. Keeping them updated on any reviews, or new products pricing makes them feel part & parcel of the company's progress. They appreciate being valued & included.

Maintain ongoing communication with the client, ensuring they are always informed about any cost-related aspects of the project.

Crafting a content strategy that appeals to your target audience is crucial. Share content that addresses common challenges faced by your clients, provides solutions, and showcases your successes. This approach not only educates your audience but also highlights your capabilities in managing and growing accounts.

Pricing Pricing strategy depends upon following factors and to be explained accordingly 1. Entry level products pricing 2. Value added pricing 3. Brand positioning/marketing budgets effecting pricing 4. Schemes 5. Price Volume matrix 6. Institutional pricing for big orders 7. Competition pricing strategy 8. Warranty/Guarantee/after sales services 9. Rewards and loyalty 10. Freight proposition. All the above factors to be detailed and finally the acceptance and minimum 8% PAT if volume above 500cr else 14% PAT if lower than 500Cr.

Even if in case there is a pricing revision due to decrease in project scope, we are happy to reduce the project costs and share that benefit with the client as well. When you treat clients not as a money making engine, but as a partner wheel rolling towards success, you can enjoy the partnership journey together.

Different apple varieties have different prices and now to differentiate the apples based upon features is the task of salesperson

We want to assure you of our unwavering commitment to fair pricing in the future. Your feedback has been invaluable, and we are taking it seriously as we refine our business practices. Trust is built over time, and by proactively enhancing our pricing transparency, we are laying the groundwork for a stronger, more trusting relationship. We appreciate your partnership and look forward to working together with this renewed focus on fairness and openness.